The narrative presented by Mr King to the RIFC AGM was one of a planned departure by the chairman whose work was done.
Selflessly he had steadied the ship and the club was now in a good place.
Consequently, he was leaving with the good wishes of happy shareholders and grateful fans.
That a certainly the storyline that the Stenography Corps were happy to regurgitate without a shred of scrutiny.
As ever, your humble correspondent is something of a contrarian in these matters and prefers an evidence-based approach.
Therefore, I was especially grateful when a well-placed source reached out to me today.
What he laid out was a very different set of circumstances that led to Mr King announcing his departure from the Blue Room.
My guy said that when the Convict Chairman arrived in Blighty last week he had no idea that this would be his last AGM as RIFC chairman.
In fairness, the impecunious entrepreneur was expecting a tough meeting with his Blue Room colleagues, but nothing terminal.
After all, he had been able to get his own way with other directors since the Off Licence Putsch of March 2015.
What he did NOT realise that it was game over as the main players on the Sevco High command had decided it was time on Chairman Dave.
The final ultimatum to put to King was that he would have to pony up several million from Laird there and then.
When that was clearly wasn’t going to happen it was time up.
At the end of it all, only the Conveyancing Consigliere was in the King Camp.
Sadly it was he who was instructed to tell the South African based convicted criminal that his time was up.
The rationale of the anti-King faction appears to have been twofold:
- There was no chance of fresh investment while King remained in place.
- Close Brother would not re-negotiate the outstanding loan while the cold-shouldered chairman was still there.
I’m told that even with King gone in, say, March that might not be good enough for that financial institution to play ball on a new loan arrangement.
That’s one to watch out for in the early part of 2020.
As for point (1), the challenge for the Sevco High Command is how they source outside investors interested in a club that has a record of horrific losses since it was created in 2012.
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If I was Mike Ashley I would stitch them up further by contacting Sevco and tell them verbally (not written) that he will take their highly valued superstar to clear his debt with them. If they agree, bring him down for a medical, say they will take him and when they free him from his contract, don’t give him a contract. Just sit back and watch the fireworks then enjoy hitting them with the big bill. Of course, I’m not him and I’m sure he wouldn’t listen to joke message like this and follow it through. Don’t do it, Big Mike! 😏
If one reads his interview in full, there is actually a fair bit of news that wasn’t fully reported and significant implications for what was reported.
(1) it was asked where the £10m in fresh funding would come from? King didn’t answer that, but he did express surprise that the figure was ‘only’ £10m as he was under the impression it was significantly more than that.
(2) the £5m he ‘loaned’ the club this past September really is a loan and will have to be repaid. He mentioned something about trouble with the currency regulators in South Africa not permitting him to buy any more shares (ie converting loans into equity). So whatever funding the club needs to pay operating costs, they’re also going to have to pay back King at some point. Whether that’s included in the £10m above, or the reason King thinks the requirement is significantly higher than that is unknown.
(3) he’s staying on as a board member of Rangers Retail Limited so he can continue fighting the Sports Direct case on behalf of Rangers?!?! One would think whoever they get as their new Chairman, or CEO if they bother to appoint one, would want to take control of that issue. King’s involvement has been one mistake after another that is continuing to cost the club millions of pounds each season in legal bills.
Also left unaddressed is whether Dave is selling his shares or merely stepping down as Chairman. If he’s not selling his shares, he will have the sort of influence over the board that DD has at Celtic. In that scenario, the Chairman will be nothing more than his puppet, for better or for worse.
What ‘Executive’ Chairman announces he is stepping down – but then decides to take a minimal role at a subsidiary?
His influence will be hanging around Ibrox like a bad smell.
It could be a blocker IF RIFC wants to bring in a capable, external replacement for King on the main Board,
…and to add some much needed credibility in the eyes of potential investors, perhaps?
The fact that King is stepping down – but not leaving – is significant.
It looks like this is HIS decision as well, [or trade-off].
A typical King manoeuvre: why make a clear, rational decision when you can keep everyone in the dark – and confused – about your real intentions? Shifty, as per.
I forget specifics of how Retail deal went down, but believe that deal was signed by King and Murray as individuals as well as club signing. That’s why the litigation by Ashley has them involved, not just club so King has to stay involved as he has no choice.
All the comments I’ve read so far on this show NOTHING but negativity around the esteemed Mr King and Sev……. Rangers. EVERYTHING in the Ibrox garden is rosy, the afore mentioned Mr King said so. Okay, so roses grow better when they’ve got shite all round them. That’s only a detail. They WILL survive. The SFA, establishment, press and ALL such fine fellows will ensure that they do. They will however be financially crippled for at least the next decade.
We’ll be well beyond 55 when they’re still trying to get ONE!!
As a sevconian who sometimes comments on this site says……
Snigger
Another thing. Just to give them a right good kicking when they’re down. Scotland has just about secured a second CL place for the season after next. We should offer to help the shaggers with as many loans as we can. As a thanks obviously for the sterling work they did with young master Christie.
Excellent post,Charger and an outstanding idea to boot.HH
I wonder what is Kings position now! Sit and wait hoping that Sevco can be put right over the next few seasons so they can start to break even.. or sit and wait hoping it all comes tumbling down in the next few months so he can step in as the largest shareholder and have it all to himself! To think this was the man that voted down a CVA for the last club playing out of ibrox it’s hard to think of anything other than the latter. Unfortunately for him I cant see that happening.
There is multi millions to be repaid to SDI. And a pending lawsuit from Hummel… My guess is that a deal has already been worked out with Big Mike. Ashley required the Kings head on a stick plus Sevco signing away the rights to all the merchandise for god knows how many years to come. Of course this new deal will be portrayed as a major investment to ra people. And the Scottish media will happily spoon feed them the wonderful deal the board has done. Hummel wont look for damages as Big Mike has probably already made a deal with them. A good deal for all parties involved would be a 7 year contract with SDI 70% Hummel 20% Sevco 10% Hummel get their money back Big Mike gets his merchandise deal plus King gone and Sevco doesn’t go to the wall with the directors/investors losing everything.
Just a thought!
A thought that might not be a million miles off the mark. It could however ensure 15 in a row.
Excellent post mate with a lot of sense in it . Now the CHISLER has gone watch out for that famous domino effect that the conman chairman was talking about happening with us only to see it backfire on his own club. How beautiful will that be . Remember the statement when he got cold shouldered from the CHISLER himself and the club that this will not impact on the club. BOOM !
I’ve got a feeling there will be another twist or sting in this saga. He’ll strap on a suicide vest on the rangers retail and go for big mike there. but they’d better be careful, Mike does not like to be made fool off.
But interestingly, a very clipped question, on the “chairman and the ego one” relationship was buttoned down by the Press Secretary during the pre match presser to Feynoord. It was a tame question for sure, but the fact it maybe have considered something else was as interesting as the terse way in which it was handled… they are on edge over something….. the truth lies beneath.
Mr Let’s Go, has seemed, a little more broody of late, and the performance analysis, is heading back to, slamming the players for half performances. He is clearly in receipt of the circumstances more than he is letting on…… if Celtic. win two 90 minute games of football this December month…… I reckon it could be Dubai and Goodbye. KingCo get’s his Alfredo money, and the outpouring of the racism and their ‘kulchur” will be just too much for some.
As for the Ego….. He’s lost Allan, and now KingCo…..maybe El Duffalo….there maybe trouble ahead in their red flares.
It would make perfect sense if, after informing King that he was to sling his hook…
the Board invited Blair ‘to resign himself’ before he got punted as well?
Mibbees King will develop an unspecified illness which will necessarily accelerate his departure?
The 100 million deposit they will receive as a first instalment for Senor Morelos will see them through quite nicely.
Am sure there must be a billionaire with wealth off the radar , just waiting to take over the mantle from king